Putting away those savings funds for a rainy day requires a fair amount of discipline. Instant gratification is something our society knows and does well, however, this comes at a price. Using surplus funds for whimsical purchases instead of saving up for emergencies, could result in a mountain of debt when there is an emergency. It is, therefore, important for consumers to set aside some funds as they may still have to rely on debt to get them through tough times. The Deutsche Bank Savings options provide customers with savings options that meet every need. This review takes a look at what makes these savings accounts great.
For those who want a little more from their surplus funds, read here to find out what Deutsche Bank Investments have to offer.
Characteristics of a Good Savings Account
Savings accounts provide consumers with the means to place their surplus funds into a separate account. This allows them to keep their savings funds away from their main transactional accounts, which means they are less inclined to use these funds by accident. A good savings account provides customers with a safe means of depositing their surplus funds. These funds are often the first attempt at building up a nest egg, and can therefore not be a high-risk account.
Another aspect of a good savings account is a reasonable interest rate. The interest rate motivates savers to save even more, especially when they start noticing the effect compound interest has on their funds.
Good savings accounts should provide a variety of terms. This allows customers to address needs with different time frames. For instance, a customer should ideally have a savings account with funds that are available immediately before moving on to one that ties the funds up for a period of time. This allows them to have access to the emergency funds when they need to.
Furthermore, savings accounts often provide customers with a means to save for a future event or an item they wish to purchase. This requires the account to be easily accessible and the addition of funds shouldn’t be a problem. In many cases, customers have more than one savings account to meet their savings needs.
Finally, the account should have minimal to no fees. Interest rates on savings accounts are reasonable, but can rarely manage exorbitant account fees. The account fees chip away at the savings and eventually eat into the capital if not carefully managed. These fees and restrictions should be made clear to customers before they sign up for the products.
Those who prefer an account that is more transactional in nature may want to look into the Deutsche Bank Current Accounts here.
Deutsche Bank Savings Product Offerings
With this savings, customers are able to place their funds in a secure savings plan for a period of time. Furthermore, they will earn a fixed rate on the investment without a price risk.
- Customers choose between a rate of 6 months to 8 years.
- Furthermore, the account opening deposit is 2,500 euros.
- With this account, customers enjoy free account management.
- Customers who are able to put their funds away for a longer term will enjoy a higher interest rate.
- Finally, customers can apply for the product online, in the branch, or telephonically.
With this savings accounts, customers enjoy a fixed interest rate throughout the term of the savings.
- This account provides customers with a fixed rate of 0.75% interest pa currently, which is fixed for 6 months.
- Furthermore, the account is suitable for new account holders and the minimum opening deposit is between 2,500 to 100,000 euros.
- With this account, customers enjoy free account management.
- Also, these funds are only for private assets and new savings funds at Deutsche Bank. Existing funds on the bank’s books don’t apply.
Top Interest Saver
This account provides customers with the means to save regularly and build their capital. Furthermore, they enjoy a fixed interest rate over the entire term.
- The term is between 4 to 18 years. Also, the longer the term chosen, the higher the interest rate.
- Customers may pay installments of as little as 25 euros per month to keep their savings account growing.
- Furthermore, customers benefit from both annual interest and compound interest.
- Finally, this is a savings account without risk.
Money Market Savings
This account allows customers short-term access to the funds. Furthermore, this is also a very flexible savings type.
- Customers enjoy a market related variable interest rate on their savings.
- Furthermore, customers have the option to switch their funds over to any other Deutsche Bank investment product at any time.
- The first deposit on the account is 5,000 euros.
- Customers enjoy fair market rates and the interest rate depends on the capital balance.
- Also, customers enjoy free account management.
- Finally, customers have access to 2,000 euros per calendar month. Higher amounts require a 3-month notice period.
Savings Card Account
This is one of the handiest savings accounts for those on the go. It provides access to a versatile account with easy access.
- This is a savings account with a handy card.
- Furthermore, this card provides free cash withdrawals worldwide.
- Also, the account can be opened with as little as 1 euro.
- Customers can draw up to 600 euros per day at an ATM, with a monthly limit of 2,000 euros.
- Finally, customers have access to 2,000 euro freely per calendar month. Higher amounts require a 3-month notice period.
Customers can save with attractive bonuses with this account. Furthermore, customers benefit from an attractive premium system.
- Both youth bonuses and state support are possible with this account.
- Also, customers enjoy free use of the savings accounts.
- Currently, customers enjoy 0.5% basic interest on their credit balances.
- Customers also benefit from an attractive premium system.
- Finally, customers can access and close the account at any time.
What We Like About Deutsche Bank Savings
Deutsche Bank provides something for everyone, whether they wish to save up a lump sum or put funds away on a monthly basis. The interest rates are fairly reasonable in comparison to other institutions in Germany.
These savings accounts are also suitable for those who find themselves in different walks of life, whether they are just starting out their savings journey or hoping to increase their wealth.
The packages are attractive and customers don’t have to worry about monthly fees that eat away at their savings. This allows their savings to grow at a satisfactory pace. Furthermore, although the savings accounts with variable interest rates rely on the markets, these savings are relatively safe. It allows customers to save at a pace they’re comfortable with, without the risk that investments sometimes face.
Finally, customers can open as many of these accounts as they like. As long as they meet the minimum deposit criteria, they can allocate the different savings accounts to different projects or needs. Furthermore, these accounts are low maintenance and customers can view to progress online at any time.
We recently did a full review on the Barclays Savings Products. Read here to see how they compare.
What We Don’t Like About Deutsche Bank Savings
The Safe Savings account offers some of the best rates and conditions, however, this is only available to those who are not part of the group already. This means this investment is suitable only to outsiders or those who bank with Deutsche Bank but have funds elsewhere. This hardly encourages customer loyalty.
The interest rates are on par with many of the main banking players in the industry, however, there are some institutions that offer better rates on some of their products. In order for the bank to encourage customer loyalty, they may want to revisit these rates.
Finally, the opening deposit to some of the accounts are considered a bit steep and may need to be revisited in order to allow a larger part of the population to participate. Furthermore, it could also lead to fresh new customers on the Deutsche Bank book.
Critical Reviews Rating Deutsche Bank Savings – 8 of 10
There are a number of needs that will be met with these savings accounts. From the entry-level saver who needs to save up for something nice, to the nest-egger who just wants to provide a sense of security for themselves and their families.
Customers don’t have to worry about fees eating into their capital, as customers enjoy free monthly account management. Although the interest rates are considered high, there are some institutions that offer better rates but it will take a lot of digging to find them.
What we’ve rated the bank down for, is the fact that the loyal customers don’t have access to the same products as outsiders do. This can hardly promote affection towards the bank’s products.
Finally, the high barrier to entry is another aspect we’ve had to take into consideration. The opening deposit on some of the accounts is quite high. This will make it very difficult for the average household to commit to putting away their funds, which makes it difficult to cultivate a society that saves.
For a full review on Deutsche Bank, read here.